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Smartkarma Daily Briefs

May 11
0

Daily Brief South Korea: Shin Young Wacoal and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]

Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]

By Douglas Kim

  • A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won. 
  • Shinyoung Wacoal’s net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.
  • Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women’s underwear.

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May 11
0

Daily Brief United States: Global Payments, YETI Holdings Inc, Pfizer Inc, Teradyne Inc, Altria Group, S&P Global , F5 Networks Inc, E2open Parent Holdings Inc, Coca Cola Co, Domino’s Pizza and more

By | Daily Briefs, United States

In today’s briefing:

  • Global Payments Inc. (GPN) Financial Factsheet – Growth, Valuation and Peer Comps
  • Is YETI The Next Big Buyout? Skechers Deal Sparks Buzz In Wall Street Circles
  • Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?
  • Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!
  • Altria Group: An Insight Into Recent Macroeconomic Pressures & Its Consumer Pricing Strategy!
  • S&P Global: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!
  • F5 Networks Bets Big on AI & Cybersecurity—Can Its New AI Gateway Expand Its Market Share?
  • E2open Surging Amid Takeover Chatter—Here’s Why It’s on Wisetech’s Radar
  • The Coca-Cola Company: An Insight Into Its Revenue Growth Management (RGM) & Margin Expansion!
  • Domino’s Pizza Defies the Economic Slump with a Bold New Strategy – Here’s What You Missed!

Global Payments Inc. (GPN) Financial Factsheet – Growth, Valuation and Peer Comps

By Garvit Bhandari

  • The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY.  Excl. share-based comp, adj. EPS was $2.82.
  • The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.
  • Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.

Is YETI The Next Big Buyout? Skechers Deal Sparks Buzz In Wall Street Circles

By Baptista Research

  • YETI Holdings reported its first quarter fiscal 2025 earnings, revealing mixed results.
  • During this period, the company focused on three main areas: accelerating product innovation, transforming supply chain logistics to minimize exposure to China, and enforcing operational discipline to maintain a strong financial position.
  • Despite a generally positive performance in some aspects, notable challenges were encountered, impacting the company’s financial outlook for the year.

Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?

By Baptista Research

  • Pfizer recently reported its first-quarter 2025 financial results, providing an overall positive snapshot of its performance within a challenging market environment.
  • Revenue was reported at $13.7 billion, marking a 6% operational decline largely driven by lower Paxlovid sales, partly reflecting a one-time Paxlovid revenue credit from the prior year.
  • Despite this, some of its core products such as the Vyndaqel family, Nurtec, and Padcev demonstrated strong growth, reinforcing the company’s focus on prioritizing key growth drivers.

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

By Baptista Research

  • Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025.
  • The company achieved revenue of $686 million, which was towards the high end of their guidance, and non-GAAP earnings per share (EPS) of $0.75, surpassing their guidance of $0.68.
  • The gross margin of 60.6% also exceeded expectations due to a favorable product mix.

Altria Group: An Insight Into Recent Macroeconomic Pressures & Its Consumer Pricing Strategy!

By Baptista Research

  • Altria Group reported its first-quarter performance for 2025 amidst varying market dynamics.
  • The company, known primarily for its tobacco products, emphasized robust operations in its Smokeable Products and Oral Tobacco Products segments.
  • Altria CEO Billy Gifford highlighted that the core traditional tobacco business remained profitable in a challenging environment, and the company’s flagship brand, Marlboro, continued to show resilience despite economic pressures.

S&P Global: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!

By Baptista Research

  • S&P Global Inc., a leader in financial information and analytics, presented a robust first quarter in 2025.
  • The company showcased broad-based growth across all five of its divisions, marking an 8% annual increase in revenue, driven by a 7% rise in subscription products.
  • Concurrently, S&P Global reported a 240 basis point expansion in year-over-year margins, along with a 9% jump in adjusted diluted EPS.

F5 Networks Bets Big on AI & Cybersecurity—Can Its New AI Gateway Expand Its Market Share?

By Baptista Research

  • F5 Inc. reported robust financial performance for the second quarter of fiscal year 2025, highlighted by 7% total revenue growth year-over-year.
  • This growth was largely driven by a substantial 12% increase in product revenue.
  • Notably, system revenue surged 27%, underscoring strong demand as customers continued to refresh aging hardware and modernize data centers.

E2open Surging Amid Takeover Chatter—Here’s Why It’s on Wisetech’s Radar

By Baptista Research

  • E2open’s latest earnings presentation paints a nuanced picture of their fiscal performance and outlook.
  • In the fiscal fourth quarter and overall for 2025, E2open achieved subscription revenues of $133 million, ultimately landing within their guidance, yet the company experienced a slight year-over-year decline of 1%.
  • Constant currency adjustments reflected a 0.5% marginal improvement nearing flat growth.

The Coca-Cola Company: An Insight Into Its Revenue Growth Management (RGM) & Margin Expansion!

By Baptista Research

  • The Coca-Cola Company’s first quarter in 2025 demonstrated its adaptation to the dynamic global environment, producing significant growth in organic revenues and operating margins.
  • The company reported a 2% increase in volume growth and robust organic revenue growth, aligning with their longstanding growth algorithm.
  • Coca-Cola maintained a resilient posture amidst challenges such as macroeconomic uncertainties and geopolitical tensions, achieving these results through enhanced capabilities, improved local execution, and effective alignment across systems.

Domino’s Pizza Defies the Economic Slump with a Bold New Strategy – Here’s What You Missed!

By Baptista Research

  • Domino’s Pizza delivered a mixed performance in the first quarter of 2025, demonstrating resilience through strategic innovation and operational discipline amid a difficult macroeconomic environment.
  • The company reported earnings per share of $4.33, up 21% year over year and ahead of Wall Street expectations, driven primarily by increased franchise advertising revenue, supply chain income from franchisee purchases, and international royalty and fee growth.
  • However, total revenue came in at $1.11 billion, below the analyst estimate of $1.13 billion.

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May 11
0

Daily Brief India: NIFTY Index and more

By | Daily Briefs, India

In today’s briefing:

  • NSE NIFTY50/ Vol Update / INDO-PAK CONFLICT SPURS LOCAL RISK-PREMIA HIGHER. IV @ +18.0%

NSE NIFTY50/ Vol Update / INDO-PAK CONFLICT SPURS LOCAL RISK-PREMIA HIGHER. IV @ +18.0%

By Sankalp Singh

  • Onset of IND-PAK military conflict spurs IVs higher to +18% levels. Vol Regime model holds in “High & Up” state.  
  • Skew extends to extreme levels, RRs trades from -5.0 to -7.0 vols. Vol Term-structure is now flat in the front-end & in Backwardation at the back-end of the curve.    
  • Tactical Implications: Avoid Risk-premia harvesting as “High & Up” vol-state prevails.

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May 11
0

Daily Brief Japan: Nissin Corp, Imagica Robot Holdings, Baudroie, Nihon Denkei, Kissei Pharmaceutical, NTT Data Corp, Torii Pharmaceutical, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • [Japan M&A] Bloomberg Reports Bain MBO on Nissin (9066) May Come Monday – The Implied Price Is Light
  • Imagica (6879 JP): MBO Tender Offer at JPY795
  • TOPIX Inclusions: Who Is Ready (May 2025)
  • Nihon Denkei (9908 JP): Full-year FY03/25 flash update
  • Kissei Pharmaceutical (4547 JP): Steady FY25, Licensing Fees To Drag FY26, Margins To Stay Strong
  • Last Week in Event SPACE: NTT Data Corp, Zeekr, Shibaura Electronics, Swire Pacific/ThaiNamthip
  • (Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha
  • With Transitional Measures Ending, Improving the Quality of Existing Listed Companies Will Be Key

[Japan M&A] Bloomberg Reports Bain MBO on Nissin (9066) May Come Monday – The Implied Price Is Light

By Travis Lundy

  • Last year, Nissin Corp (9066 JP) started race-walking the good governance walk. The day they released earnings they announced crossholding sales and an overnight 23.61% ToSTNeT-3 Buyback (executed successfully).
  • They also expected 19% Net Income Growth (to go with accretion), and in November, nearly doubled their dividend on new payout policy (minimum 4% DOE). 
  • Now, Bloomberg reports they are considering going private via a Bain MBO at ¥100bn+ (or a 30% premium). 

Imagica (6879 JP): MBO Tender Offer at JPY795

By Arun George

  • Imagica Robot Holdings (6879 JP) has recommended a MBO tender offer from Shunjiro Nagase (President) at JPY795 per share, a 43.0% premium to the undisturbed price.
  • The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. 
  • Irrevocables (55.40% ownership ratio) pave the way for deal completion. The tender runs from 12 May to 20 June (30 business days).

TOPIX Inclusions: Who Is Ready (May 2025)

By Janaghan Jeyakumar, CFA

Nihon Denkei (9908 JP): Full-year FY03/25 flash update

By Shared Research

  • Nihon Denkei’s FY03/25 consolidated sales grew 11.7% YoY, with a gross profit of JPY16.9bn and operating profit up 6.9% YoY.
  • The company announced FY03/26 earnings forecast with sales at JPY124.0bn, operating profit at JPY4.5bn, and EPS of JPY263.21.
  • INNOVATION2030 Ver.2.0 aims for growth by expanding into growth markets and enhancing global business amid macroeconomic uncertainty.

Kissei Pharmaceutical (4547 JP): Steady FY25, Licensing Fees To Drag FY26, Margins To Stay Strong

By Tina Banerjee

  • Kissei Pharmaceutical (4547 JP) reported 16.9% YoY jump in revenue during FY25 driven by Beova and Tavneos despite price revision pressures and generic competition.
  • The company has issued FY26 guidance of revenue rising 3.6%, with pharmaceuticals segment remaining flat dragged by lower overseas licensing fees.
  • The only trigger point at this moment happens to be the recent licensing deals signed by the company with various players gives it an opportunity to expand offerings and market.

Last Week in Event SPACE: NTT Data Corp, Zeekr, Shibaura Electronics, Swire Pacific/ThaiNamthip

By David Blennerhassett

(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

By David Blennerhassett

With Transitional Measures Ending, Improving the Quality of Existing Listed Companies Will Be Key

By Aki Matsumoto

  • There are two possible ways to improve the quality of the TSE: one is to exit the market and the other is to improve quality in existing companies.
  • While few companies are still exiting through de-listing, fewer companies will migrate to other markets going forward, so the quality of existing listed companies must be improved.
  • Two years after the “TSE’s request,” the number of companies with P/Bs of less than 1x has not yet noticeably decreased, indicating that quality improvement is still a ways off.

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May 11
0

Daily Brief China: Tencent, Shanghai Electric Group Company, BeiGene , SHEIN and more

By | China, Daily Briefs

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week
  • A/H Premium Tracker (To 9 May 2025):  AH Premia Fall Small; Spread Torsion Provides Continued Alpha
  • China Healthcare Weekly (May11)-Trump’s Executive Order, Pharmacy’s Risks, BeiGene 25Q1 Result Is Ok
  • SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!

HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week

By Travis Lundy

  • Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by >HK$100bn. Five weeks into Q2 we are at HK$175bn.
  • 3 weeks ago saw SOEs sold quite heavily in somewhat weaker volume. last week it was tech. This week it was again tech sold (ETFs bought) suggesting risk-off.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

A/H Premium Tracker (To 9 May 2025):  AH Premia Fall Small; Spread Torsion Provides Continued Alpha

By Travis Lundy

  • AH spreads are basically flat on the shortened week. AH premia rose in Pharma and Tech, fell in Industrials, Finance, and Banks. 
  • All eyes will be on what happens in Geneva. I personally don’t expect much. 
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

China Healthcare Weekly (May11)-Trump’s Executive Order, Pharmacy’s Risks, BeiGene 25Q1 Result Is Ok

By Xinyao (Criss) Wang

  • Trump announced actions to reduce regulatory barriers to domestic pharmaceutical manufacturing, with the core intention to open regulatory “green light” for manufacturing in US, which will change the industry pattern.
  • With the promotion of VBP and the implementation of medical insurance price comparison system, there’s a trend of accelerated pharmacies closures. The entire pharmacy industry will face performance headwinds.
  • BeiGene’s BRUKINSA recorded negative QoQ growth in 25Q1, which seems below expectations. However, this is temporary headwinds, since the 2025 full-year revenue guidance remains unchanged. Bottom-line valuation  is US$24.5-26.5 billion.

SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!

By Daniel Hellberg

  • Recently we revisited the SHEIN vs Amazon shopping comparison we first tried in Dec 2023
  • For the items we purchased 17 months ago, total cost at AMZN was largely unchanged
  • But at SHEIN, those items almost tripled in cost, still feature slow transits, difficult returns

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May 11
0

Daily Brief Industrials: Shanghai Electric Group Company, Nissin Corp, Paccar Inc, United Parcel Service Cl B, Woodward Inc, Honeywell International, Xylem Inc, NV5 Global and more

By | Daily Briefs, Industrials

In today’s briefing:

  • A/H Premium Tracker (To 9 May 2025):  AH Premia Fall Small; Spread Torsion Provides Continued Alpha
  • [Japan M&A] Bloomberg Reports Bain MBO on Nissin (9066) May Come Monday – The Implied Price Is Light
  • PACCAR: Tariff Management Strategy to Maintain Stability & Upsurge Revenue!
  • United Parcel Service (UPS): Recent Shift to Robotics & Automation Driving Our Bullishness!
  • Woodward Misses a Beat But Bets Big on Naval Dominance With MicroNet Contracts!
  • Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!
  • Xylem Looking To Supercharge Growth With Targeted Acquisitions—Is The Vacom Deal Just The Start?
  • NV5 Global on the Radar: Why Acuren and Others Are Eyeing This Engineering Giant

A/H Premium Tracker (To 9 May 2025):  AH Premia Fall Small; Spread Torsion Provides Continued Alpha

By Travis Lundy

  • AH spreads are basically flat on the shortened week. AH premia rose in Pharma and Tech, fell in Industrials, Finance, and Banks. 
  • All eyes will be on what happens in Geneva. I personally don’t expect much. 
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

[Japan M&A] Bloomberg Reports Bain MBO on Nissin (9066) May Come Monday – The Implied Price Is Light

By Travis Lundy

  • Last year, Nissin Corp (9066 JP) started race-walking the good governance walk. The day they released earnings they announced crossholding sales and an overnight 23.61% ToSTNeT-3 Buyback (executed successfully).
  • They also expected 19% Net Income Growth (to go with accretion), and in November, nearly doubled their dividend on new payout policy (minimum 4% DOE). 
  • Now, Bloomberg reports they are considering going private via a Bain MBO at ¥100bn+ (or a 30% premium). 

PACCAR: Tariff Management Strategy to Maintain Stability & Upsurge Revenue!

By Baptista Research

  • PACCAR Inc.’s recent earnings for the first quarter of 2025 presented a nuanced view of the company’s financial performance and strategic positioning amid complex global economic conditions.
  • The company reported revenues of $7.4 billion and an adjusted net income of $770 million, indicating solid financial health.
  • PACCAR Parts achieved record quarterly revenues of $1.7 billion, with pretax income of $427 million, a testament to their successful expansion and market demand for their products.

United Parcel Service (UPS): Recent Shift to Robotics & Automation Driving Our Bullishness!

By Baptista Research

  • United Parcel Service, Inc. (UPS) reported its first-quarter 2025 financial results amidst a complex global trade landscape and strategic shifts in its business model.
  • The company’s consolidated revenue for the quarter stood at $21.5 billion, a slight decrease of 0.7% from the previous year, aligning with its forecasts.
  • Meanwhile, operating profit rose by 0.9% to $1.8 billion, reflected in an operating margin improvement to 8.2%.

Woodward Misses a Beat But Bets Big on Naval Dominance With MicroNet Contracts!

By Baptista Research

  • Woodward, Inc. delivered a promising performance in the second quarter of fiscal 2025, with net sales rising by 6% year-over-year and adjusted earnings per share increasing by 4%, reflecting steady growth despite challenges, notably from decreased volumes in China’s on-highway market.
  • Excluding the China on-highway impacts, the company posted a 12% increase in revenue and a significant 22% rise in operating earnings, showcasing resilience and efficiency in a challenging global environment.
  • Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Honeywell’s $500M Tariff Hit? No Problem—Stock Jumps as Split Plan Gains Steam!

By Baptista Research

  • Honeywell International Inc. delivered a strong start to fiscal 2025, reporting first-quarter results that exceeded Wall Street expectations and raised guidance despite a complex macroeconomic backdrop.
  • The company posted adjusted earnings per share of $2.51 on revenue of $9.8 billion, surpassing analyst estimates of $2.21 EPS on $9.6 billion in revenue.
  • This performance also marked a year-over-year improvement from $2.25 EPS on $9.1 billion in sales.

Xylem Looking To Supercharge Growth With Targeted Acquisitions—Is The Vacom Deal Just The Start?

By Baptista Research

  • Xylem Inc. closed the first quarter of 2025 with a performance that surpassed expectations and reaffirmed their guidance for the year.
  • The company reported a robust revenue increase across all segments, contributing to a 120 basis point rise in EBITDA margin and a double-digit growth in earnings per share (EPS), which hit $1.03, outpacing the guidance midpoint by $0.08.
  • Maintaining a backlog of $5.1 billion, Xylem showcased resilience in demand with a book-to-bill ratio exceeding one, although orders slightly dipped due to challenging comparisons in key segments.

NV5 Global on the Radar: Why Acuren and Others Are Eyeing This Engineering Giant

By Baptista Research

  • NV5 Global, Inc.’s fiscal first quarter 2025 financial results highlight a mixture of strength and challenges.
  • The company’s stated focus on providing non-discretionary services in essential sectors, such as infrastructure and utilities, serves as a hedge against economic volatility and supply chain issues.
  • In this quarter, NV5 reported a 10% year-over-year increase in gross revenues, reaching $234 million, and a 10% increase in gross profit to $123.2 million.

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May 11
0

Daily Brief Financials: Global Payments, NIFTY Index, S&P Global and more

By | Daily Briefs, Financials

In today’s briefing:

  • Global Payments Inc. (GPN) Financial Factsheet – Growth, Valuation and Peer Comps
  • NSE NIFTY50/ Vol Update / INDO-PAK CONFLICT SPURS LOCAL RISK-PREMIA HIGHER. IV @ +18.0%
  • S&P Global: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!

Global Payments Inc. (GPN) Financial Factsheet – Growth, Valuation and Peer Comps

By Garvit Bhandari

  • The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY.  Excl. share-based comp, adj. EPS was $2.82.
  • The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.
  • Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.

NSE NIFTY50/ Vol Update / INDO-PAK CONFLICT SPURS LOCAL RISK-PREMIA HIGHER. IV @ +18.0%

By Sankalp Singh

  • Onset of IND-PAK military conflict spurs IVs higher to +18% levels. Vol Regime model holds in “High & Up” state.  
  • Skew extends to extreme levels, RRs trades from -5.0 to -7.0 vols. Vol Term-structure is now flat in the front-end & in Backwardation at the back-end of the curve.    
  • Tactical Implications: Avoid Risk-premia harvesting as “High & Up” vol-state prevails.

S&P Global: 7 Major Game-Changers Impacting Its 2025 Performance & Beyond!

By Baptista Research

  • S&P Global Inc., a leader in financial information and analytics, presented a robust first quarter in 2025.
  • The company showcased broad-based growth across all five of its divisions, marking an 8% annual increase in revenue, driven by a 7% rise in subscription products.
  • Concurrently, S&P Global reported a 240 basis point expansion in year-over-year margins, along with a 9% jump in adjusted diluted EPS.

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May 11
0

Daily Brief Consumer: Shin Young Wacoal, YETI Holdings Inc, Altria Group, Domino’s Pizza, General Motors, Kraft Heinz Co, Mondelez International, Royal Caribbean Cruises, SHEIN, Coca Cola Co and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]
  • Is YETI The Next Big Buyout? Skechers Deal Sparks Buzz In Wall Street Circles
  • Altria Group: An Insight Into Recent Macroeconomic Pressures & Its Consumer Pricing Strategy!
  • Domino’s Pizza Defies the Economic Slump with a Bold New Strategy – Here’s What You Missed!
  • General Motors (GM): Expansion in Electric Vehicle Production
  • The Kraft Heinz Company: Will Its Focus on Growth in Emerging Markets Pay Off?
  • Mondelez International’s Smart Pricing Play Is Beating Cocoa Inflation—Here’s How!
  • Royal Caribbean Group: Will Its Market Expansion Into The Vacation Industry Help Expand Footprint Beyond Traditional Cruising?
  • SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!
  • The Coca-Cola Company: An Insight Into Its Revenue Growth Management (RGM) & Margin Expansion!

Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]

By Douglas Kim

  • A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won. 
  • Shinyoung Wacoal’s net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.
  • Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women’s underwear.

Is YETI The Next Big Buyout? Skechers Deal Sparks Buzz In Wall Street Circles

By Baptista Research

  • YETI Holdings reported its first quarter fiscal 2025 earnings, revealing mixed results.
  • During this period, the company focused on three main areas: accelerating product innovation, transforming supply chain logistics to minimize exposure to China, and enforcing operational discipline to maintain a strong financial position.
  • Despite a generally positive performance in some aspects, notable challenges were encountered, impacting the company’s financial outlook for the year.

Altria Group: An Insight Into Recent Macroeconomic Pressures & Its Consumer Pricing Strategy!

By Baptista Research

  • Altria Group reported its first-quarter performance for 2025 amidst varying market dynamics.
  • The company, known primarily for its tobacco products, emphasized robust operations in its Smokeable Products and Oral Tobacco Products segments.
  • Altria CEO Billy Gifford highlighted that the core traditional tobacco business remained profitable in a challenging environment, and the company’s flagship brand, Marlboro, continued to show resilience despite economic pressures.

Domino’s Pizza Defies the Economic Slump with a Bold New Strategy – Here’s What You Missed!

By Baptista Research

  • Domino’s Pizza delivered a mixed performance in the first quarter of 2025, demonstrating resilience through strategic innovation and operational discipline amid a difficult macroeconomic environment.
  • The company reported earnings per share of $4.33, up 21% year over year and ahead of Wall Street expectations, driven primarily by increased franchise advertising revenue, supply chain income from franchisee purchases, and international royalty and fee growth.
  • However, total revenue came in at $1.11 billion, below the analyst estimate of $1.13 billion.

General Motors (GM): Expansion in Electric Vehicle Production

By Baptista Research

  • General Motors Company reported its first-quarter 2025 financial results, highlighting a complex environment marked by significant policy shifts and evolving market dynamics.
  • The company’s revenue for the quarter reached $44 billion, marking a 2% year-over-year increase.
  • GM also achieved $3.5 billion in adjusted EBIT and $2.78 in adjusted diluted EPS, though EBIT-adjusted margins stood at 7.9%, slightly down from the previous year.

The Kraft Heinz Company: Will Its Focus on Growth in Emerging Markets Pay Off?

By Baptista Research

  • The Kraft Heinz Company, during its first quarter of 2025, demonstrated a blend of steady execution in certain strategic areas against a backdrop of ongoing market challenges.
  • The company’s performance was marked by top-line results aligning with expectations, strong cash flow, and a robust balance sheet.
  • However, the company also faced amplified pressures contributing to a broader cut in guidance, notably larger than previous adjustments.

Mondelez International’s Smart Pricing Play Is Beating Cocoa Inflation—Here’s How!

By Baptista Research

  • Mondelez International reported its first-quarter 2025 earnings, showing solid results amidst challenging external conditions.
  • The company’s revenue grew by 3.1%, driven primarily by robust pricing execution in its chocolate business due to unprecedented cocoa input costs.
  • However, volume/mix decreased by 3.5% as elasticity pressures continued.

Royal Caribbean Group: Will Its Market Expansion Into The Vacation Industry Help Expand Footprint Beyond Traditional Cruising?

By Baptista Research

  • Royal Caribbean Group reported its first-quarter 2025 results, highlighting a mix of strong performance and strategic initiatives offset by awareness of potential macroeconomic challenges.
  • The company exceeded expectations with adjusted earnings per share of $2.71, surpassing their guidance by $0.23.
  • This outperformance was driven by strong consumer demand and pricing, particularly with close-in bookings surpassing prior trends.

SHEIN Vs Amazon, Part II: What Changed Since Our Last Shopping Adventure? SHEIN Cost Nearly Tripled!

By Daniel Hellberg

  • Recently we revisited the SHEIN vs Amazon shopping comparison we first tried in Dec 2023
  • For the items we purchased 17 months ago, total cost at AMZN was largely unchanged
  • But at SHEIN, those items almost tripled in cost, still feature slow transits, difficult returns

The Coca-Cola Company: An Insight Into Its Revenue Growth Management (RGM) & Margin Expansion!

By Baptista Research

  • The Coca-Cola Company’s first quarter in 2025 demonstrated its adaptation to the dynamic global environment, producing significant growth in organic revenues and operating margins.
  • The company reported a 2% increase in volume growth and robust organic revenue growth, aligning with their longstanding growth algorithm.
  • Coca-Cola maintained a resilient posture amidst challenges such as macroeconomic uncertainties and geopolitical tensions, achieving these results through enhanced capabilities, improved local execution, and effective alignment across systems.

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May 11
0

Daily Brief TMT/Internet: Tencent, Taiwan Semiconductor (TSMC) – ADR, Imagica Robot Holdings, Baudroie, Spotify, Nihon Denkei, Teradyne Inc, E2open Parent Holdings Inc, Paypal Holdings, First Solar Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week
  • TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.
  • Imagica (6879 JP): MBO Tender Offer at JPY795
  • TOPIX Inclusions: Who Is Ready (May 2025)
  • Spotify Bets Big on Audiobooks—Is This the Platform’s Most Disruptive Move Yet?
  • Nihon Denkei (9908 JP): Full-year FY03/25 flash update
  • Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!
  • E2open Surging Amid Takeover Chatter—Here’s Why It’s on Wisetech’s Radar
  • PayPal Holdings: Product & Geographic Diversification To Upsurge Global Transaction Footprint Amid Competition & Geopolitical Changes!
  • First Solar’s Flexible Production Strategy Is a Game-Changer—These 4 Elements Are Propelling The Company Forward!

HK Connect SOUTHBOUND Flows (To 9 May 2025); Tech Selling in a Quiet Week

By Travis Lundy

  • Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous 2021Q1 record by >HK$100bn. Five weeks into Q2 we are at HK$175bn.
  • 3 weeks ago saw SOEs sold quite heavily in somewhat weaker volume. last week it was tech. This week it was again tech sold (ETFs bought) suggesting risk-off.
  • The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.

By Patrick Liao

  • Taiwan Semiconductor (TSMC) – ADR (TSM US)’s 2nm process is said to be comparable to Intel Corp (INTC US)’s 18A technology.
  • It is reported that Intel has placed orders for TSMC’s 2nm capacity, as we previously highlighted, due to its timely availability.
  • Nonetheless, Intel continues to invest in its own manufacturing roadmap, targeting risk production of the 14A node around 2027.

Imagica (6879 JP): MBO Tender Offer at JPY795

By Arun George

  • Imagica Robot Holdings (6879 JP) has recommended a MBO tender offer from Shunjiro Nagase (President) at JPY795 per share, a 43.0% premium to the undisturbed price.
  • The offer is reasonable compared to historical trading ranges and is above the midpoint of the IFA DCF valuation range. 
  • Irrevocables (55.40% ownership ratio) pave the way for deal completion. The tender runs from 12 May to 20 June (30 business days).

TOPIX Inclusions: Who Is Ready (May 2025)

By Janaghan Jeyakumar, CFA

Spotify Bets Big on Audiobooks—Is This the Platform’s Most Disruptive Move Yet?

By Baptista Research

  • Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp drop in its stock price.
  • Despite posting a 12% year-over-year increase in premium subscribers to 268 million—exceeding analyst estimates of 265 million—Spotify shares fell 8.7% in early trading to $545.77.
  • The company also registered 678 million monthly active users, up 10%, broadly meeting expectations.

Nihon Denkei (9908 JP): Full-year FY03/25 flash update

By Shared Research

  • Nihon Denkei’s FY03/25 consolidated sales grew 11.7% YoY, with a gross profit of JPY16.9bn and operating profit up 6.9% YoY.
  • The company announced FY03/26 earnings forecast with sales at JPY124.0bn, operating profit at JPY4.5bn, and EPS of JPY263.21.
  • INNOVATION2030 Ver.2.0 aims for growth by expanding into growth markets and enhancing global business amid macroeconomic uncertainty.

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

By Baptista Research

  • Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025.
  • The company achieved revenue of $686 million, which was towards the high end of their guidance, and non-GAAP earnings per share (EPS) of $0.75, surpassing their guidance of $0.68.
  • The gross margin of 60.6% also exceeded expectations due to a favorable product mix.

E2open Surging Amid Takeover Chatter—Here’s Why It’s on Wisetech’s Radar

By Baptista Research

  • E2open’s latest earnings presentation paints a nuanced picture of their fiscal performance and outlook.
  • In the fiscal fourth quarter and overall for 2025, E2open achieved subscription revenues of $133 million, ultimately landing within their guidance, yet the company experienced a slight year-over-year decline of 1%.
  • Constant currency adjustments reflected a 0.5% marginal improvement nearing flat growth.

PayPal Holdings: Product & Geographic Diversification To Upsurge Global Transaction Footprint Amid Competition & Geopolitical Changes!

By Baptista Research

  • PayPal Holdings Inc. has demonstrated a sound performance in the first quarter of 2025, indicating positive momentum in its strategic execution and financial outcomes.
  • The company’s ongoing transformation from a traditional payments processor to a comprehensive commerce platform appears to be progressing effectively.
  • This is underscored by the company’s fifth consecutive quarter of profitable growth, highlighted by an 8% growth in transaction margin dollars when adjusted for leap year considerations.

First Solar’s Flexible Production Strategy Is a Game-Changer—These 4 Elements Are Propelling The Company Forward!

By Baptista Research

  • First Solar’s first-quarter 2025 earnings highlighted a mix of opportunities and challenges for the company.
  • The company achieved net bookings of 0.6 gigawatts and now holds a sizeable contracted backlog of 66.3 gigawatts.
  • First Solar’s module sales for the quarter amounted to 2.9 gigawatts, aligning with its previous forecasts.

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May 11
0

Daily Brief Energy/Materials: BP , Nucor Corp, Oneok Inc, Sherwin Williams Co and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Mega Merger in the Making? What a Shell–BP Deal Could Mean for Global Energy
  • Nucor Corporation’s $3 Billion Bet: Is Brandenburg the Game-Changer Steel Was Waiting For?
  • ONEOK: LNG & LPG Export Opportunities As A Pivotal Factor Driving Growth!
  • The Sherwin-Williams Company: Expansion in Emerging Markets to Contribute To A More Balanced Portfolio Globally!

Mega Merger in the Making? What a Shell–BP Deal Could Mean for Global Energy

By Baptista Research

  • In May 2025, the energy sector is abuzz with speculation that Shell is evaluating a potential acquisition of BP.
  • This comes amid a backdrop of declining oil prices, which have recently hit a four-year low due to increased OPEC+ production and global demand uncertainties.
  • Shell, with a market capitalization of approximately £149 billion, is nearly twice the size of BP, whose shares have fallen nearly 30% over the past year, reflecting investor concerns over its strategic direction and financial health.

Nucor Corporation’s $3 Billion Bet: Is Brandenburg the Game-Changer Steel Was Waiting For?

By Baptista Research

  • Nucor Corporation’s first quarter of 2025 results provide a comprehensive overview of both strategic advancements and challenges faced by the company.
  • The details from the conference call highlight several aspects of Nucor’s operational and financial status, guiding an investment thesis that balances growth prospects with market challenges.
  • Financially, the company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $696 million and adjusted earnings per share (EPS) of $0.77.

ONEOK: LNG & LPG Export Opportunities As A Pivotal Factor Driving Growth!

By Baptista Research

  • ONEOK Inc. recently announced its first-quarter 2025 earnings results which were in line with expectations and reaffirmed its 2025 financial guidance and 2026 outlook.
  • The earnings report emphasized the performance of its integrated systems and ongoing disciplined growth strategy.
  • The company achieved a net income attributable to ONEOK of $636 million or $1.04 per share, with an adjusted EBITDA of $1.78 billion, bolstered by contributions from the Medallion and EnLink acquisitions.

The Sherwin-Williams Company: Expansion in Emerging Markets to Contribute To A More Balanced Portfolio Globally!

By Baptista Research

  • The Sherwin-Williams Company’s first-quarter 2025 results reflect a complex balance of challenges and progress within a turbulent demand environment.
  • The company reported that consolidated sales were within their guided range despite volatile market conditions.
  • Notably, the Paint Stores Group saw modest growth, driven by pricing improvements and a favorable product mix, though volume did decrease slightly.

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